Hospitality Point Of Sale Software Market Forecast 2031 | Industry Growth

Hospitality Point Of Sale Software Market Size and Forecast (2021–2031), Global and Regional Share, Trends, and Growth Opportunity Analysis: by Component (Software, Services); Deployment (Cloud, On-Premises); Enterprise Size (Large Enterprises, SMEs); and Geography

  • Report Code : TIPRE00039246
  • Category : Banking, Financial Services, and Insurance
  • No. of Pages : 150
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Hospitality Point Of Sale Software Market Size & Share | 2031

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The hospitality point-of-sale software market size is expected to grow at a CAGR of 9.1% from 2023 to 2031. The hospitality point-of-sale software market includes growth prospects owing to the current hospitality point-of-sale software market trends and their foreseeable impact during the forecast period. The hospitality point-of-sale software market is growing due to factors such as huge growth of the hospitality sector, increasing adoption of cloud-based solutions, and rising number of small and medium scale eateries.

Hospitality Point Of Sale Software Market Analysis

Point-of-sale (POS) software facilitates hospitality and service-based transactions. Hospitality point of sale enables customers to make payments for goods or services and helps businesses process those transactions. Hospitality point-of-sale software plays a significant role in the hospitality industry. It provides security and makes all transactions seamless. It provides the best customer experience and optimizes payment operations. Hospitality point-of-sale software is widely used in restaurants and hotels. It allows for collecting guests’ orders and purchases from different points of sale and charging them directly to their rooms.

Hospitality Point Of Sale Software Market Overview

  • The hospitality point-of-sale software allows hotels to optimize their daily operations in areas such as payment processing, inventory management, customer management, employee management, and others.
  • The hospitality point-of-sale software market is highly competitive with companies such as Oracle Corporation, NCR Corporation, Clover Network, INC., and Lightspeed, among others.

Hospitality Point Of Sale Software Market  Driver

Increasing Adoption Of Cloud Based POS Systems by Hotels And Restaurants to Drive The Hospitality Point Of Sale Software Market

  • The growing use of cloud-based point-of-sale (POS) systems by hotels and restaurants is expected to significantly boost the hospitality point-of-sale software market. Cloud-based POS systems offer several advantages over traditional systems, making them increasingly attractive to businesses in the hospitality industry.
  • Cloud-based POS systems are more flexible and scalable, allowing hotels and restaurants to easily adapt to changing business needs and accommodate growth. Additionally, cloud-based systems offer improved accessibility, allowing staff to access the POS system from anywhere with an internet connection, which enhances efficiency and customer service.
  • Moreover, cloud-based POS systems typically require lower upfront costs compared to traditional on-premises systems, making them more affordable for small and medium-sized businesses. They also offer automatic updates and backups, reducing the risk of data loss and ensuring that businesses always have access to the latest features and security enhancements.
  • Thus, the increasing adoption of cloud-based POS systems by hotels and restaurants is driving the hospitality point of sale software market growth.

Hospitality Point Of Sale Software Market  Report Segmentation Analysis

  • Based on component, the hospitality point-of-sale software market is segmented into software and services. The software segment is expected to hold a higher hospitality point-of-sale software market share in 2023.

Hospitality Point Of Sale Software Market  Share Analysis By Geography

The scope of the hospitality point-of-sale software market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant hospitality point-of-sale software market share. With the rise of restaurants, hotels, and cafes, there's a growing demand for efficient and reliable point-of-sale systems tailored to their needs. For instance, According to the National Restaurant Association, there were 749,000 restaurants in the US as of 2023. 10,608 new restaurants opened in 2023 in the US, which is 5.7% more than in 2022. With such an increasing number of restaurants, businesses are opting for advanced software solutions to streamline their operations, manage inventory, process payments, and enhance customer service.

Hospitality Point Of Sale Software Market  Report Scope

The "Hospitality Point Of Sale Software Market  Analysis" was carried out based on component, deployment, enterprise size, and geography. On the basis of component, the market is segmented into software and services.  On the basis of deployment, the market is segmented into cloud and on-premises. On the basis of organization size, the market is segmented into large enterprises and SMEs. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Hospitality Point Of Sale Software Market  News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the hospitality point-of-sale software market. A few recent key market developments are listed below:

  • In October 2023, Mastel Hospitality announced a partnership with REVO. This partnership complements Mastel Hospitality’s existing offerings, solidifying their commitment to providing the best solutions for their clients.

[Source: Mastel Hospitality, Press Release]

  • In June 2022, Openbravo announced the launch of a new Point-of-Sale (POS) for quick service restaurants (QSR) and fast-casual restaurants. Key features of the solution include the fast and flexible creation of menus and a powerful pricing engine with options like the definition of specific prices based on restaurant areas and delivery modes. It allows order customization, supports a variety of payment and delivery options, and offers restaurants the ability to easily integrate with online ordering solutions, kitchen systems, as well as delivery platforms for order preparation and delivery.

[Source: Openbravo, Press Release]

Hospitality Point Of Sale Software Market  Report Coverage & Deliverables

The hospitality point-of-sale software market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Hospitality Point Of Sale Software Market  Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

  • Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
  • Market dynamics such as drivers, restraints, and key opportunities.
  • Key future trends.
  • Detailed PEST & SWOT analysis
  • Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
  • Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
  • Detailed company profiles.
REGIONAL FRAMEWORK
World Geography

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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

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to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

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to country scope.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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